A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church.
Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates. Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures savings of credit union members at more than 11,000 federal and state-chartered credit unions nationwide. Savings are insured up to $250,000.
What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loans—but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.
Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. In fact, more than 67 million Americans trust that their credit union will provide the services to improve their financial well being. Credit union membership offers many benefits. Services offered range from simple savings to home equity loans to IRAs. Study after study has revealed that on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. And credit unions continually score higher than all other financial institutions in consumer satisfaction surveys. Credit unions strive to deliver the best service possible to their most important asset - their members.
Not for Schools Only! We invite YOUR EMPLOYEES to join our credit union. Your business simply applies for membership at no cost to you, the employer. Then your employees and their families are eligible to join - you are essentially providing a free employee benefit!
We submit the request to the NCUA, the Credit Union's regulatory body. The NCUA approves the request usually within 5 days and then the Credit Union's Board of Directors votes on the Field of Membership change at its next monthly board meeting.
Please call Gloria Griffiths at 203-237-6424 Ext. 35 if you are interested in joining the credit union as a Select Business Group member or click here for a blank request letter for you to complete and return to us.
Overview
You and the members of your family may enjoy all the benefits of CU Credit Union membership for life. When you open your account is the ideal time to open accounts for your eligible family members. Eligible family members include your spouse, children, parents, siblings, grandparents and grandchildren (natural, adopted, foster or step). Once your family members have joined, their family members also become eligible. Family members can retain their CU Credit Union membership even in the event your account is closed.
Family members are entitled to full membership privileges.
Share Ownership
Each member must own one full share ($25.00) and keep the share on deposit to remain a member in good standing.
Members in Good Standing
Members in good standing are entitled to all of the benefits of membership. These include taking advantage of all deposit type accounts and are eligible to apply for any of the credit unions loan products.
Special Memberships
Ask about Meriden Schools Federal Credit Union's specific programs which benefit our Seniors, Juniors and Children.
Request for Application
Click the "application" button to the left to apply for membership on line. You may also contact the credit union by calling 203-237-6424 and asking for a credit union member services representative.
Join the credit union today and enjoy all of the privileges of credit union membership. Click "application" and signup on line.
Benefits of Membership
Access to a variety of savings plans including regular share accounts, club accounts, share draft (checking accounts), Term Share Certificates and IRA accounts.
Loan Services
You can apply for a variety of loan products at competitive rates. The application process is easy, with speedy approvals and no prepayment penalties. (See our rates & fees).
Other Services
As a benefit of credit union membership you will be entitled to take advantage of many of our low cost and no cost services.
Full Service Credit Union Services
Full Service Teller Line, Night Depository, Wire Transfers, Direct Deposit, Payroll Deduction, Online Banking, Online Bill Pay, Mobile Banking, Interoffice Mail and Telephone Transfers.
Office Hours
Our office at 285 Broad St., Meriden, Ct. 06450 is open Monday, Tuesday, Wednesday and Thursday from 9:00 AM to 4:30 PM, until 6:00 PM on Fridays and 9 AM to 12 Noon on Saturdays.
